Roger Rabbit:“Yeah. Check the probate. Why, my Uncle Thumper had a problem with HIS probate, and he had to take these big pills, and drink lots of water.” Eddie Valiant:“Not prostate, you idiot. PROBATE.” Roger Rabbit is not the only one confused about what probate is. While most people today probably have a basic understanding
Since March 2020, the U.S. Government has spent more than $3 trillion dollars in Coronavirus relief. The government had previously been running at annual budget deficits of close to $1 trillion dollars per year. And the nation faces an election in November with a possible change in administrations. So, what tax changes may be likely?
Are you interested in estate planning in order to ensure the safety and security of your beneficiaries in the event of your death? Or maybe you own a business or have other unique situations and aren’t sure that a standard Will is enough to protect your assets? If you’ve never dealt with estate planning before,
As previously discussed here, the Paycheck Protection Program (PPP) was initiated by the federal government last month to assist small businesses impacted by the COVID-19 shutdown. To date, approximately 4,000,000 companies have secured a combined total of close to $500,000,000,000 in loans, an average of around $125,000 per borrower. While the PPP was intended for
As part of the 2019 year-end legislation, Congress and President Trump passed the SECURE Act. The SECURE Act was passed to “secure” individuals retirement plan accounts by making several, seemingly modest, changes, including: 1. Distributions from IRAs now can begin at 72 rather than 70 ½ years of age; 2. Allowing penalty free withdrawals from an
As you all know, last week Congress passed, and the President signed into law, a $2.2T recovery act that significantly expanded unemployment insurance protection. However, the act also included the Paycheck Protection Program (the “PPP”) which establishes $349B as a subsidy to closely held business owners for employment taxes, rent, wages, and utilities for keeping
A lot of friends, clients and colleagues have asked in this time of a widespread COVID-19 outbreak, how can we support those in need in our community. We thought we would share a few ideas that we came across: Support local businesses. Local First AZ is an initiative to support local businesses throughout the year.
Estate planning attorneys all across the United States are noticing an increase in inquiries both from existing clients and from new client prospects who are considering either making changes to their current estate planning documents or implementing new wills and revocable trusts amid the apparent threat of the COVID-19 disease. As this crisis rapidly evolves,
Estate tax is no longer a consideration for many of us. Under current law, each individual can transfer over $11 million to his or her heirs estate tax free. Notwithstanding the fact that the current estate tax laws are only in effect until 2026, most practitioners expect that the estate tax exemption will exceed $5
The story is familiar, and most always unfortunate. Two friends come up with a can’t-miss business idea. The friends supply equal capital to get the venture up and running, and both individuals commit to managing the business. They agree to split any profits that they make in their venture equally. Three years later, business is
Roger Rabbit:“Yeah. Check the probate. Why, my Uncle Thumper had a problem with HIS probate, and he had to take these big pills, and drink lots of water.” Eddie Valiant:“Not prostate, you idiot. PROBATE.” Roger Rabbit is not the only one confused about what probate is. While most people today probably have a basic understanding
Since March 2020, the U.S. Government has spent more than $3 trillion dollars in Coronavirus relief. The government had previously been running at annual budget deficits of close to $1 trillion dollars per year. And the nation faces an election in November with a possible change in administrations. So, what tax changes may be likely?
Are you interested in estate planning in order to ensure the safety and security of your beneficiaries in the event of your death? Or maybe you own a business or have other unique situations and aren’t sure that a standard Will is enough to protect your assets? If you’ve never dealt with estate planning before,
As previously discussed here, the Paycheck Protection Program (PPP) was initiated by the federal government last month to assist small businesses impacted by the COVID-19 shutdown. To date, approximately 4,000,000 companies have secured a combined total of close to $500,000,000,000 in loans, an average of around $125,000 per borrower. While the PPP was intended for
As part of the 2019 year-end legislation, Congress and President Trump passed the SECURE Act. The SECURE Act was passed to “secure” individuals retirement plan accounts by making several, seemingly modest, changes, including: 1. Distributions from IRAs now can begin at 72 rather than 70 ½ years of age; 2. Allowing penalty free withdrawals from an
As you all know, last week Congress passed, and the President signed into law, a $2.2T recovery act that significantly expanded unemployment insurance protection. However, the act also included the Paycheck Protection Program (the “PPP”) which establishes $349B as a subsidy to closely held business owners for employment taxes, rent, wages, and utilities for keeping
A lot of friends, clients and colleagues have asked in this time of a widespread COVID-19 outbreak, how can we support those in need in our community. We thought we would share a few ideas that we came across: Support local businesses. Local First AZ is an initiative to support local businesses throughout the year.
Estate planning attorneys all across the United States are noticing an increase in inquiries both from existing clients and from new client prospects who are considering either making changes to their current estate planning documents or implementing new wills and revocable trusts amid the apparent threat of the COVID-19 disease. As this crisis rapidly evolves,
Estate tax is no longer a consideration for many of us. Under current law, each individual can transfer over $11 million to his or her heirs estate tax free. Notwithstanding the fact that the current estate tax laws are only in effect until 2026, most practitioners expect that the estate tax exemption will exceed $5
The story is familiar, and most always unfortunate. Two friends come up with a can’t-miss business idea. The friends supply equal capital to get the venture up and running, and both individuals commit to managing the business. They agree to split any profits that they make in their venture equally. Three years later, business is